Your Localized Market Report

Phoenix, AZ 85024

Single-Family Homes

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Phoenix, AZ 85024

Fri Jul 01 2022
This week the median list price for Phoenix, AZ 85024 is $599,990 with the market action index hovering around 73. This is less than last month's market action index of 80. Inventory has increased to 51. Click here to stay informed with the Phoenix market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Strong Seller's Market

The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

Phoenix, AZ 85024

Fri Jul 01 2022
This week the median list price for Phoenix, AZ 85024 is $599,990 with the market action index hovering around 73. This is less than last month's market action index of 80. Inventory has increased to 51. Click here to stay informed with the Phoenix market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Strong Seller's Market

The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

Real-Time Market Profile

Never miss important changes in the Phoenix market.
Median List Price $599,990
Median Price of New Listings $610,000
Per Square Foot $331
Average Days on Market 13
Median Days on Market 7
Price Decreased 31%
Price Increased 6%
Relisted 2%
Inventory 51
Median Rent
Market Action 73
Strong Seller's Market

In the last few weeks we’ve seen prices in this zip code bouncing around this plateau. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these levels.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

Median Price Sq. Ft. Lot Size Beds Bath Age New Absorbed DOM
$767,500 2,555 8,000 - 10,000 sqft 4 2.8 15 6 2 3
$650,000 2,165 4,500 - 6,500 sqft 4 2 23 3 0 7
$585,000 1,747 4,500 - 6,500 sqft 3 2 23 2 0 7
$490,000 1,512 6,500 - 8,000 sqft 3 2 37 6 1 7